Cogent Communications Holdings Inc (CCOI) Receives Consensus Recommendation of “Hold” from Brokerages

Cogent Communications Holdings Inc (NASDAQ:CCOI) has earned a consensus rating of “Hold” from the twelve analysts that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and four have issued a buy recommendation on the company. The average 12 month target price among brokers that have covered the stock in the last year is $51.14.

A number of brokerages recently issued reports on CCOI. Wells Fargo & Co raised their target price on Cogent Communications from $48.00 to $50.00 and gave the stock a “market perform” rating in a research note on Friday, November 2nd. Citigroup increased their price target on Cogent Communications from $39.00 to $42.00 and gave the stock a “sell” rating in a research report on Friday, November 2nd. BidaskClub raised Cogent Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th. Zacks Investment Research raised Cogent Communications from a “sell” rating to a “hold” rating and set a $61.00 price target on the stock in a research report on Monday, October 8th. Finally, William Blair reaffirmed an “outperform” rating on shares of Cogent Communications in a research report on Monday, October 8th.

In other news, CFO Thaddeus Gerard Weed sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $53.55, for a total transaction of $240,975.00. Following the sale, the chief financial officer now directly owns 69,050 shares in the company, valued at approximately $3,697,627.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Blake Bath sold 18,411 shares of the firm’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $54.93, for a total value of $1,011,316.23. Following the sale, the director now owns 34,175 shares in the company, valued at $1,877,232.75. The disclosure for this sale can be found here. Insiders have sold a total of 34,411 shares of company stock worth $1,872,326 over the last ninety days. 10.21% of the stock is owned by insiders.

Several large investors have recently bought and sold shares of the company. BlackRock Inc. grew its position in shares of Cogent Communications by 3.6% during the 3rd quarter. BlackRock Inc. now owns 6,654,760 shares of the technology company’s stock valued at $371,336,000 after acquiring an additional 232,879 shares during the period. Renaissance Technologies LLC grew its position in shares of Cogent Communications by 9.5% during the 2nd quarter. Renaissance Technologies LLC now owns 3,289,400 shares of the technology company’s stock valued at $175,654,000 after acquiring an additional 285,400 shares during the period. Brown Advisory Inc. grew its position in shares of Cogent Communications by 4.4% during the 2nd quarter. Brown Advisory Inc. now owns 2,102,017 shares of the technology company’s stock valued at $112,247,000 after acquiring an additional 87,707 shares during the period. First Trust Advisors LP grew its position in shares of Cogent Communications by 9.5% during the 3rd quarter. First Trust Advisors LP now owns 2,026,730 shares of the technology company’s stock valued at $113,092,000 after acquiring an additional 175,601 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Cogent Communications by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,355,882 shares of the technology company’s stock valued at $72,405,000 after acquiring an additional 3,782 shares during the period. Hedge funds and other institutional investors own 90.36% of the company’s stock.

CCOI stock traded down $1.20 during midday trading on Monday, reaching $50.05. The stock had a trading volume of 273,093 shares, compared to its average volume of 347,655. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of 131.71, a price-to-earnings-growth ratio of 9.79 and a beta of 0.61. Cogent Communications has a 52-week low of $35.75 and a 52-week high of $57.65.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, November 1st. The technology company reported $0.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.01. The company had revenue of $130.00 million during the quarter, compared to analyst estimates of $132.09 million. Cogent Communications had a negative return on equity of 24.22% and a net margin of 2.99%. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the business posted $0.08 EPS. Equities analysts predict that Cogent Communications will post 0.66 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Friday, November 16th will be given a dividend of $0.56 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.54. This represents a $2.24 annualized dividend and a yield of 4.48%. The ex-dividend date of this dividend is Thursday, November 15th. Cogent Communications’s dividend payout ratio (DPR) is currently 568.42%.

Cogent Communications Company Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access and Internet protocol communications services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, and Asia.

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Analyst Recommendations for Cogent Communications (NASDAQ:CCOI)

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